Is PEPE Ready to Leap Higher After the 7% Pop or Is It Losing Steam Already?

• A 7% gain has pushed PEPE to trade at the $0.000012 mark
• The meme coin’s daily trading volume is up by over 19%.

The recovering attempts across the crypto assets have exhibited an upward swing, pushing the assets into the bullish zone. Meanwhile, the meme coins followed suit, and the market cap has climbed to $74.9 billion, after a 3.8% surge. Major assets like DOGE, SHIB, and BONK have been charted in green

Notably, PEPE, the frog-themed meme coin, has registered a price gain of over 7.6% in the last 24 hours. At the time of writing, PEPE traded within the $0.00001296 zone. In the early hours, the meme coin traded at its bottom of $0.00001197, and later, with the bullish shift, the price climbed to a high price level of $0.00001304.

With the meme coin’s market cap staying at $5.45 billion, its daily trading volume is up by over 19%, reaching 1.71 billion. Consequently, the market has experienced a $3.82 million worth of PEPE liquidation during this timeframe, as per Coinglass data

Where Could PEPE Jump Next on the Price Chart?

PEPE’s four-hour technical chart reports that the Moving Average Convergence Divergence (MACD) line and the signal line have the same value. It indicates there is no crossover or divergence, a neutral momentum. It is seen as a pause in momentum or a potential turning point. Notably, the Chaikin Money Flow (CMF) indicator found at -0.08 suggests a moderate selling pressure in the market. Also, more money is flowing out of the asset than into it, giving a bearish sign

*PEPE chart (Source: TradingView)*If the meme coin price action moves down, the bears could take control and push it to test the nearest support at the $0.00001289 range. A death cross might take place with a steep downside correction, and the PEPE price may find its subsequent support below the $0.00001281 level. In contrast, if the asset’s current momentum reverses, the bulls might climb toward the immediate resistance at $0.00001301. With a sturdy upside correction, a golden cross could emerge and likely drive the PEPE price to the $0.00001308 level or even higher

Moreover, the ongoing market sentiment of the meme coin is moderately bullish and could still have enough room to rise, toward the overbought zone, as the daily Relative Strength Index (RSI) is resting at 61.62. Besides, PEPE’s Bull Bear Power (BBP) value of 0.00000079 signals a weak bullish sentiment in the market, with the overall market outlook remaining indecisive.

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